FDI in retail: How will you protect small traders, SC asks govt
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Amidst protest against the 49 percent FDI in multi-brand retail which was passed by the government, the Supreme Court on Tuesday added pressure on the centre by asking how it was going to protect the interest of the small traders.
Under the bill, major foreign retail companies such as Wal-Mart and IKEA will be allowed to open their stores in the country which the small traders alleged is a threat to their business.
Asking the Centre to file response on how it intends to safeguard interests of small traders after FDI is allowed in retail sector, the Supreme Court also asked the government to regulate measures to protect the interest of the small traders after it allowed 49 percent FDI in retail sector.
On Tuesday, the Foreign Investment Promotion Board (FIPB) Tuesday cleared Rs 10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias.
Earlier, the FIPB, the nodal agency for approving FDI proposal, had permitted IKEA to invest Rs 4,200 crore for opening single-brand retail stores.
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